General Dynamics

Electric Boat (EB), in Groton, Connecticut, was started in 1899 and acquired by GD in the 1960s.  Bath Iron Works (BIW), in Bath, Maine, was started in 1833, acquired by Prudential Securities in 1986, and acquired by GD in September 1995.  GD combined  BIW with EB and its AMSEA ship operating operation in a new division called GD Marine Systems, starting in 1996.  National Steel and Shipbuilding Company (NASSCO) in San Diego, California, was started during WWII and acquired by Kaiser Steel and Morrison-Knudsen in the 1960s.  Kaiser sold its 50% share to Morrison-Knudsen in 1980 and Morrison-Knudsen spun NASSCO off to its employees in 1989.  GD acquired NASSCO in October 1998 and combined it with the other companies in GD Marine Systems.

GENERAL DYNAMICS 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
  mm USD mm USD mm USD mm USD mm USD mm USD mm USD mm USD mm USD mm USD mm USD mm USD
Net Sales 4,081 4,612 5,374 8,959 10,356 12,163 13,829 16,369 19,178 21,124 24,063 27,240
Operating Margin 403 501 582 1,203 1,329 1,485 1,582 1,445 1,941 2,197 2,625 3,113
Operating Margin (%) 9.9% 10.9% 10.8% 13.4% 12.8% 12.2% 11.4% 8.8% 10.1% 10.4% 10.9% 11.4%
Net Income 290 338 380 880 901 943 917 1,004 1,227 1,461 1,856 2,072
Net Income (%) 7.1% 7.3% 7.1% 9.8% 8.7% 7.8% 6.6% 6.1% 6.4% 6.9% 7.7% 7.1%
Total Assets 3,999 4,791 4,572 7,774 7,987 11,069 11,731 16,183 17,544 19,591 22,376 25,733
Stockholders' Equity 2,014 2,215 2,219 3,170 3,820 4,528 5,199 5,921 7,189 8,145 9,827 11,768
Property, Plant and Equipment 541 692 698 1,169 1,294 1,768 1,856 2,060 2,169 2,125 2,168 2,472
Depreciation 77 101 135 129 145 171 179 205 232 241 251 278
Capital Expenditure 85 93 167 197 288 356 264 222 266 279 334 474
Employees 28,600 34,500 35,700 43,400 43,300 51,700 52,000 65,600 70,200 72,200 81,000 83,500
Net Sales/Employee 142,700 133,700 150,500 206,400 239,200 254,800 265,900 275,700 282,800 299,400 297,100 329,400
Shipbuilding Unit                        
Net Sales 2,832 2,861 3,070 3,088 3,413 3,612 3,650 4,271 4,726 4,695 4,940 4,993
Operating Margin 266 289 325 328 324 310 287 216 292 249 375 421
Operating Margin (%) 9.4% 10.1% 10.6% 10.6% 9.5% 8.6%